Minor Recovery After Crypto Markets Hit New Yearly Lows

1 Bitcoins

Markets dumped to new yearly lows; Bitcoin, Ethereum still on the floor, XRP and XLM holding up.

There has been a very little recovery a day after Bitcoin and cryptocurrencies were smashed to new price lows for over a year. Total crypto market capitalization is still on the floor below $150 billion which is where it was in September last year.

Bitcoin plunged to a new low for the year at $4,270 a few hours ago and has recovered a little since then but nothing substantial. On the day it is still down a few percent from the same time yesterday when it went into free-fall dropping around 14%. At the moment BTC is still very weak trading at $4,580 and trying to find a new support channel.

Ethereum looks lifeless at around $135, as it hasn’t managed to make any recovery at all. ETH’s lowest point over the past 24 hours was $126 with its market cap poised to drop below $13 billion. Until the markets generally start to recover, Ethereum will remain in pain and may even fall further.

Altcoins are still on the floor, most showing red and further losses since yesterday. In the top ten the two previous survivors have fallen a little today as XRP and XLM catch up with their brethren. XRP is showing a small slide on the day dropping it back to $0.45 while Stellar has been hit 2% back to $0.205 at the time of writing.

Only Bitcoin Cash has shown any real gains over the past day but that is probably because it fell so far in the first place. BCH has clawed back 15% to $240 taking it back above XLM in terms of market cap. The rest of the top ten are still hurting though. There has been very little real recovery for any altcoin in the top twenty either with the biggest dives coming from Zcash, Tezos and Bitcoin Gold.

A few fomo pumps are going on at the moment but they are insignificant compared to recent losses. Factom and Ark are both making over 30% at the moment, Maker and Electroneum are also gaining double figures today. There are too many coins dumping double figures to count at the moment and many may not recover at all.

Total market capitalization is up marginally since the same time yesterday but it really doesn’t matter since it has been smashed over 30% in a week. Markets are currently at $150 billion with a $23 billion daily trade volume all going out of the door. A new yearly low of $140 billion was hit a few hours ago and crypto hodlers are now looking at a very long term recovery from here.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.